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LPL Financial cut trade, advisory costs by $15 million in 2019

October 25, 2019

As the financial advice industry settles into its battle over pricing, LPL Financial's CEO Dan Arnold said on Thursday that the independent broker-dealer in 2019 cut costs on transactions and advisory platforms by $15 million. LPL expects to...

Finra fines former Merrill top broker $15,000 over falsified CE

October 24, 2019

The Financial Industry Regulatory Authority Inc. has fined former Merrill Lynch star broker Bruce Lee​ $15,000 and barred him from the industry for 18 months for having others take required continuing education exams for him. [Recommended...

SEC puts emphasis on protecting teachers, military personnel from overpaying for advice

October 23, 2019

Teachers and military personnel will benefit from the protections provided by the Securities and Exchange Commission's advice reform rules, the head of the agency said Wednesday. As the SEC was working on the regulatory package, it found that...

Much expected of Charlie Scharf as he prepares to take helm of Wells Fargo

October 21, 2019

Wells Fargo & Co.'s long-awaited next leader, Charlie Scharf, is formally taking over Monday with a fairly straightforward mandate: Finish what three predecessors couldn't. [More:​ Makeover at Wells Fargo Advisors well-received] The bank's...

Here's what securities lawyers overlooked in their expungement report

October 17, 2019

The first sentence on the Public Investors Advocate Bar Association homepage states that "The PIABA Foundation ... provides unbiased investment education." I beg to differ. It is nearly impossible to ignore the overwhelming amount of facts and...

Advisor Group loses another big team, this one with $2.5 billion in assets

October 16, 2019

Cambridge Investment Research Inc. has reeled in a large group of advisers, the Nettuno Group, that was formerly registered with FSC Securities Corp., one of the broker-dealers in the Advisor Group network. The Nettuno Group, which is based...

Fisher client exodus nears $1 billion in backlash over remarks

October 16, 2019

Ken Fisher is taking a financial hit for his vulgar remarks. Boston joined two other pensions in yanking money from Fisher Investments, bringing the total to more than $900 million. "Boston will not invest in companies led by people who treat...

Merrill Lynch growth strategy helping advisers reach record productivity

October 16, 2019

Merrill Lynch continues to grow revenue through new client acquisition and cross-selling Bank of America products, while also doing a better job with adviser retention and production, according to the firm. Following Bank of America's quarterly...

Former Financial West rep barred over alleged churning

October 16, 2019

The Financial Industry Regulatory Authority Inc. has barred Daniel G. Maughan, a former broker with Financial West Group in Los Angeles, for having churned and excessively traded a customer's trust account. [More:​ SEC bars broker for churning...

Wells Fargo reps managing $280 million move to Stifel

October 15, 2019

Four registered representatives who collectively managed $280 million at Wells Fargo Advisors have moved to Stifel Nicolaus & Co. in the Southeast. [More:​ See more adviser moves in InvestmentNews' Advisers on the Move database.] Jason Jungberg...

SEC takes aim at second Cetera broker-dealer

October 15, 2019

On Friday, the Securities and Exchange Commission added Cetera Advisor Networks, a registered investment adviser and broker-dealer, as a defendant to an earlier lawsuit against Cetera Advisors. The August complaint alleged that Cetera Advisors...

Wells Fargo takes $1.6B legal charge, dragging 3Q earnings down

October 15, 2019

Wells Fargo & Co. investors got a reminder that the bank isn't past its problems even as it seeks a fresh start under a new leader. The lender took a $1.6 billion expense for litigation tied to scandals in its retail bank, dragging down third-quarter...

Head count at Wells Fargo Advisors slips, but exits continue to slow

October 15, 2019

Wells Fargo Advisors is continuing to see churn in its broker and adviser workforce, but — after three years of watching advisers leave the firm in the wake of banking scandals — the pace continues to slow down. In the earnings report Tuesday...

Adviser managing $100 million at JPMorgan Chase goes indie with LPL

October 14, 2019

Joseph Mazzucco, who managed $100 million at JPMorgan Chase in Rye Brook, N.Y., has formed his own firm, Stonebrook Wealth Management. [More:​ See more adviser moves in InvestmentNews' Advisers on the Move database.] The new firm, which will...

Two small broker-dealers are down — and out

October 10, 2019

Two small broker-dealers with different business models, one for retail reps and the other a wholesaler of alternative and real estate funds, are closing their doors. The former B-D, Taylor Capital Management, is potentially facing dozens if...

How free trading threatens the RIA business model

October 10, 2019

With Fidelity Investments jumping on board Thursday as the fourth major discount brokerage firm to eliminate commissions for most online trades, the new game for brokerages officially centers on net interest income, or so the firms are suggesting....

SEC bars former Morgan Stanley broker involved in insider trading scheme

October 9, 2019

The Securities and Exchange Commission kicked out of the industry a former Morgan Stanley broker who participated in an insider-trading scheme. In an Oct. 8 order, the SEC barred Michael Siva from working for a brokerage, investment adviser...

Bad news for advisers offering financial wellness programs

October 9, 2019

There's bad news for financial advisers offering financial wellness services to employers and their workers: Advisers are at a competitive disadvantage to other vendors, like 401(k) providers and health insurers. That largely stems from positioning...

Taking a lump-sum pension payment? Watch out for bad boy brokers

October 8, 2019

The 100,000 former employees of General Electric who are being offered a pension buyout in the form of a lump-sum payment should keep a tight grip on their wallets if they decide to shop around for a financial adviser for guidance and help....

Finra issues Regulation Best Interest checklist for brokers

October 8, 2019

Finra released guidance on Tuesday designed to help its member firms comply with new broker investment advice and disclosure requirements approved earlier this year by the Securities and Exchange Commission. The checklist posted on the website...

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